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Lockheed Martin Freezing Defined Benefit Pension Plan For Its U.S. Salaried Employees

Cal Biesecker By
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Lockheed Martin Freezing Defined Benefit Pension Plan For Its U.S. Salaried Employees
Lockheed Martin Chairman, President and CEO Marillyn Hewson

Lockheed Martin [LMT] on Tuesday said it will freeze the defined benefit pension plans of its United States-based salaried employees and transition them to a defined contribution retirement plan, a trend among more employers seeking more control over their long-term expense obligations. The company said the change to its retirement plans won’t impact financial results for its second quarter, which closed on June 30. The change will begin in two phases, with the freeze of pay-based benefits on Jan. 1,…

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